Truist Financial Lowers Chemours (NYSE:CC) Price Target to $24.00

Chemours (NYSE:CC) had its target price cut by equities researchers at Truist Financial from $30.00 to $24.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s price objective would suggest a potential upside of 52.42% from the company’s previous close.

Several other analysts also recently issued reports on CC. Alembic Global Advisors reissued an “overweight” rating and set a $30.00 target price on shares of Chemours in a research note on Wednesday, May 13th. JPMorgan Chase & Co. lifted their price target on Chemours from $17.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, May 21st. Royal Bank Of Canada dropped their price target on Chemours from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday. Morgan Stanley raised their price objective on Chemours from $17.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Finally, Mizuho set a $22.00 target price on Chemours in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Chemours presently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Chemours Trading Up 4.2%

NYSE:CC opened at $15.75 on Thursday. The stock has a fifty day simple moving average of $19.23 and a 200 day simple moving average of $20.03. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -8.24 and a beta of 1.43. Chemours has a 1-year low of $10.44 and a 1-year high of $28.67. The company has a quick ratio of 0.87, a current ratio of 1.66 and a debt-to-equity ratio of 18.98.

Chemours (NYSE:CC) last posted its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.07). Chemours had a negative net margin of 5.00% and a positive return on equity of 60.64%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the prior year, the company posted ($2.54) earnings per share. Chemours’s quarterly revenue was down 1.5% compared to the same quarter last year. Sell-side analysts forecast that Chemours will post 1.18 earnings per share for the current year.

Hedge Funds Weigh In On Chemours

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Chemours in the 2nd quarter valued at approximately $477,769,000. Cooper Creek Partners Management LLC bought a new position in Chemours during the third quarter worth $63,103,000. Bank of New York Mellon Corp acquired a new position in Chemours during the 2nd quarter valued at $33,353,000. Scopia Capital Management LP boosted its holdings in Chemours by 71.7% in the 2nd quarter. Scopia Capital Management LP now owns 3,355,261 shares of the specialty chemicals company’s stock valued at $38,418,000 after purchasing an additional 1,401,539 shares during the period. Finally, State Street Corp grew its position in Chemours by 22.7% in the 2nd quarter. State Street Corp now owns 6,114,328 shares of the specialty chemicals company’s stock worth $70,009,000 after purchasing an additional 1,131,682 shares during the last quarter. 76.26% of the stock is owned by institutional investors and hedge funds.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.